News Release

SALT LAKE CITY--(BUSINESS WIRE)--Apr. 5, 2018--
Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics
company with a unique, proprietary platform for the development of
diagnostic tests, announced the filing of its initial Annual Report on
Form 10-K as a public company. Co-Diagnostics completed its initial
public offering (“IPO”) on July 17, 2017.

2017 Financial Results:

Revenue for the year totaled $7,700, primarily licensing revenue,
compared to zero revenue in full year 2016.

Deferred income at December 31, 2017, amounted to $184,000; this is
revenue that will be recognized in future quarters.

The Company ended the year with cash and equivalents of $3.5 million
and zero long-term debt.

The Company reported a net loss for full year 2017 of approximately
$7.0 million, or $0.63 per fully diluted share. This included a
non-cash loss of $2,072,000 that was recognized when noteholders
converted debt to stock in the IPO, and $2,033,000 of non-cash
expenses related to the issuance of stock for services.

Management Discussion

Dwight Egan, Chairman and CEO of Co-Diagnostics, commented, “While we
anticipated revenue in 2017 to be nominal, we continued to build our
infrastructure and client relationships during our first six months as a
public company in order to support a growing and sustainable company for
many years to come. The buildout of our joint venture manufacturing
facility in India is proceeding as planned. Principal construction of
the structure is essentially complete in Q1 2018, and work is now
underway to finish the interior of the facility to create a world-class
diagnostic test manufacturing plant, with sales from this facility
expected to commence in Q3 2018. In conjunction with our joint venture
partner, Synbiotics Ltd., we are in the process of obtaining the
necessary regulatory approvals from the national authorities to sell our
products in India and ultimately export worldwide.

“During these initial six months we also announced a lease on a new,
upgraded Biological Safety Level 2 laboratory facility in Salt Lake
City, Utah, which will allow for a Current Good Manufacturing Practice
('cGMP') certification. This will facilitate the Company’s capacity to
manufacture high-quality products that meet the standards of the U.S.
Food and Drug Administration ('FDA') and prepares Co-Diagnostics to seek
future FDA approvals for domestic product sales and for export abroad.”

Egan continued, “Among the most important advancements since our IPO is
the progress made in developing our proprietary molecular diagnostics
technology, which is paving the way for innovation in disease detection
and life sciences research through our enhanced detection of genetic
material. We are passionate about providing the most robust and
innovative molecular tools for detection of infectious diseases, liquid
biopsy for cancer screening, and agricultural applications, especially
to those regions where pricing is paramount. These are large and growing
markets where our technology is uniquely positioned to provide highly
differentiated solutions, with great accuracy and cost-efficiency.”

Egan concluded, “In 2018 we look forward to launching the commercial
operations of our joint venture in India, including generating sales
from both India and the Caribbean region, and providing molecular
testing solutions to various industry sectors. The accuracy and
specificity of our patented Co-Primers technology is a groundbreaking
technical advance and the cornerstone of our pathway forward. Co-Primers
allow the simultaneous multiplexing of several targets, enhanced SNP
detection, and rare allele enrichment for next-generation sequencing. We
look forward to bringing these significant enhancements to the worldwide
molecular testing market.”

2017–2018 Corporate Developments

July 2017: Co-Diagnostics, Inc.
Announces Joint Venture in India– partnering with
Synbiotics, Ltd., a group company of Asence, Inc., a U.S. company
specializing in supplying pharmaceutical products to international
markets, CoSara Diagnostics, Pvt., Ltd., was formed to develop the
molecular diagnostic testing market in India.

November 2017: Co-Diagnostics Granted
ISO 13485:2016 Certification – Certification granted
following successful completion of an audit of its quality management
system. The 2016 standard for quality management systems places an
increased emphasis on risk management and harmonizes more closely with
the quality system regulations found in FDA 21 CFR Part 820, the law
for medical device companies manufacturing or selling products for the
US, and the European Commission’s new IVDR 2017/746 for in-vitro
diagnostics.

January 2018: Co-Diagnostics Initiates
Vector Control Program in the Dominican Republic -
Co-Diagnostics’ vector control program will involve the Company’s
diagnostic tests being used by vector control services to test
mosquito populations where the insect is known to act as a vector. The
program has been met with enthusiasm by the Ministries of Health in
several Caribbean nations anxious to track outbreaks of Zika virus,
tuberculosis, malaria, West Nile virus, chikungunya and dengue, among
others.

February 2018: CODX Announces Positive
Results From Co-Primers Technology in Multiplex Tests For SNP Detection
– Customers will include enterprise clients, specifically those
interested in testing for targeted gene sequences in multiplexed
reactions, in research, infectious diseases, agricultural, ranching,
and food production industries, as well as large clinical
laboratories. These industries rely upon molecular testing for a
variety of applications, ranging from testing for harmful bacteria or
vector-borne diseases, liquid biopsy applications, and developing
in-house diagnostics to assist with infectious disease testing.

About Co-Diagnostics, Inc.:

Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics
company that has developed and intends to manufacture and sell reagents
used for diagnostic tests that function via the detection and/or
analysis of nucleic acid molecules (DNA or RNA), and to sell diagnostic
equipment from other manufacturers as self-contained lab systems.

Forward-Looking Statements:

With the exception of historical information contained in this press
release, content herein may contain "forward-looking statements" that
are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements can
be identified by words such as “believes,” “expects,” “estimates,”
“intends,” “may,” “plans,” “will” and similar expressions, or the
negative of these words. Such forward-looking statements are based on
facts and conditions as they exist at the time such statements are made
and predictions as to future facts and conditions. These statements are
based on management's current expectations and are subject to
uncertainty and changes in circumstances. Investors are cautioned that
forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from the statements made.
Readers of this press release are cautioned not to place undue reliance
on any forward-looking statements. Risks, uncertainties and other
factors are discussed in the Company's filings with the U.S. Securities
and Exchange Commission on Annual Report Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. The Company disclaims any
obligation to update its forward-looking statements.

About Co-Diagnostics

Co-Diagnostics is a molecular diagnostics company with a unique mathematical approach to DNA test design. Our molecular diagnostics development platform is marketed under the brand name Co-Dx™. Our products offer a unique value proposition, making the detection of infectious disease and genetic disorders far more affordable worldwide.